Windward Bio

Windward Bio (Ticker: WWB US) is a Basel-based company developing antibody medicines designed to remain in the body for extended periods, enabling less frequent dosing. Its lead candidate, WIN378, is being studied in a Phase 2/3 trial for severe uncontrolled asthma and a Phase 2 study for chronic obstructive pulmonary disease (COPD). A second Phase 3 asthma study is planned to begin recruiting patients in the first half of 2027. WIN027 is an experimental bispecific antibody medicine designed to act on two targets, TSLP and IL-13. It is in a Phase 1 study in healthy volunteers assessing safety and how the body processes the medicine.

Windward Bio expects to begin trading on Nasdaq on November 13, 2026. The indicative offering comprises 10,294,117 shares at $16.00–$18.00 each. At the $17.00 midpoint, the base offering represents approximately $175.00 million in gross proceeds. Sanofi separately agreed to a $50.00 million private placement of shares and pre-funded warrants; it is not included in the IPO offering size.

As of June 30, 2026, Windward Bio had $207.30 million in cash, cash equivalents and marketable securities and had not generated product revenue. The combined financing and existing funds are intended to support development of WIN378 and WIN027, earlier discovery programs, working capital and general corporate purposes. Underwriters include UBS Investment Bank, Jefferies and TD Cowen.